25th May 2021 | ZebPay Trade-Desk
Ethereum has corrected significantly over the past week from its recent all-time highs, which were upwards of $4,000. Early this week, the asset fell to levels of $1,800 very briefly, but since then has seen good momentum and strong recovery, currently trading at $2,600 levels. At lower levels, accumulation was seen, resulting in volumes holding up well, and reinstating the belief of the crypto community in the asset. Hence, even at these levels, the asset continues to look attractive.
As we can see from the hourly chart above, ETH, post making the low of $1,755 has witnessed a sharp recovery. The asset has surged almost 56% up to $2,751.7. On the technical front, ETH may face some stiff resistance at $2,788 and $2,981 levels. So, for the prices to go further up it needs to trade and sustain above these resistance levels. Whereas on the downside ETH can take support at around $2,300 levels.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.